The Ermelo Town Council went into an emergency meeting to discuss security measures to protect the farmer and workers at the centre of the drama, the newspaper said.
A Zulu family living in the area for more than 100 years has been confirmed to have dug up "at least 4 000 Kruger pounds", three kilometres from the farm of JJ Scholtz, where a statue of President Paul Kruger was found last month.
Analysis of the coins apparently show that they were minted in 1889.
It is believed that thousands more Kruger pounds could lie buried on the farm, where they were transported during a trip from Pretoria to Durban via Ermelo by two wagons during the South African war.
Athol Stark, an Ermelo councillor who heads up the Tourism Board in Ermelo said: "We looked into our local history following the discovery of Paul Kruger's statue last month. This led us back to a Zulu family who contacted me in 1999 to assist them in selling Kruger pounds.
Stark has been in constant contact with the family who had been labourers on the farm and found the treasure in the 1960s. With the fortune hidden and sworn to secrecy they have kept quiet about it and have been living off it since.
Stark says the family is believed to have sold at least 400 Kruger pounds during the past years to a man in Tembisa for R200 000.